GBPUSD Technical Analysis for May 10, 2013

Yesterday’s session was very bearish for the GBPUSD, approaching significant levels in the development of the general trend of this pair.

The GBPUSD is trying to touch the support level at 1.5400, a very important in this pair, considering that in earlier days, the GBPUSD had difficulty to break this level and go higher. If GBPUSD breaks this support, it is likely to fall to next support at the 1.5244 level, another important level because of its strength. Be cautious today because during the day, will take place the G7 Meetings, where will be discussed the monetary policies of various countries and obviously, on the global economy, which generates some volatility during the day and are indexed movements dangerously sideways. It will be very difficult for the cable to break resistance at the 1.5600 level for today’s session, if it does break that resistance, the maximum that could raise, would to the 200 day moving average at 1.5672 level.

The MACD indicator is in negative territory, supporting a bearish outlook for this pair, in the medium term.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

Follow @conexiondigicol

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  ADVFN News

• 

  Felipe Erazo

• 

  Glenmore Investments

• 

  Quoted Data